Exxon wants over $800 mln if Alaska leases lost

By Yereth Rosen

ANCHORAGE, Alaska (Reuters) - Exxon Mobil Corp (XOM.N: Quote, Profile, Research, Stock Buzz) said it plans to seek more than $800 million in compensation from Alaska if the state follows through with its plan to void the company's leases at the Point Thomson gas and oil field.

Exxon raised the specter of a financial claim at the same time the company and its Point Thomson partners -- BP (BP.L: Quote, Profile, Research, Stock Buzz), Chevron (CVX.N: Quote, Profile, Research, Stock Buzz) and ConocoPhillips (COP.N: Quote, Profile, Research, Stock Buzz) -- formally asked state Natural Resources Commissioner Tom Irwin to reconsider his rejection of the latest Point Thomson development plan.

The documents were filed Monday, the deadline for the reconsideration request.

Exxon said in a letter with the state Department of Natural Resources (DNR) that its group would be entitled to compensation for investments made in the field and damages from further delay.

"These damages total well in excess of $800 million, and may be expected to increase in the future," the company said in the seven-page document outlining its prospective financial claims against the state.

The Point Thomson partners would also be entitled to any proceeds received by the state if it puts the voided leases back up for sale, Exxon said.

Exxon spokeswoman Margaret Ross said the company was not seeking to collect any damages at this time. She said the claim for damages was only procedural, and was made to preserve its rights to seek payment in the future.

Irwin's April 22 decision to reject the 23rd Point Thomson development plan was the latest official action taken by the state to revoke leases at the field where state leaders say oil company inaction justifies repossession of that state property.